Indian Ingot exports rose from 1,180 MT to 17,300 MT in Aug’16, M-o-M.
Bangladesh remains the favourable destination of Indian Ingot exports as it procured 98-99% from the total exports. The manufacturers in bangladesh prefer to import ingot over billet owing to latest imposition of USD 150/MT import duty on billet (HS code 7207) since Jun’16.
The exports were mainly from West Bengal. The manufacturers from Durgapur mentioned that exporting ingot is preferable rather than selling material in domestic market as they fetch premium of about INR 400-500/MT. However, the exported material contains low sulphur, phosphorous and high manganese.
Current offers for Durgapur based buyers are prevailing at INR 20,800/MT FoR and for exports, offers are at INR 21,200-21,300/MT ex-works.
It is to be noted that MS ingot is being exported under HS code 7206 whereas, MS billet is being exported under HS Code 7207, which has duty of USD 150/MT since Jun’16. Before increment in duty, West Bengal exported 2,40,020 MT billet & blooms during Apr-Jul’16.
Indian Ingot exports under HS code 7206
| Months | Qty of export (MT) |
| January | 2 |
| February | 142 |
| March | 176 |
| April | 40 |
| May | 143 |
| June | 569 |
| July | 1,181 |
| August | 17,312 |
Source: Customs, SteelMint Research
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